USPS: FY 2020 Annual Report to Congress

The Postal Service delivered 129.2 billion mailpieces to 161 million addresses across the nation during fiscal year 2020, the organization says in its Annual Report to Congress. The report, which USPS published last month, covers the period from Oct. 1, 2019-Sept. 30, 2020. In addition to an overview of the organization’s finances, the 64-page document…

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USPS: The year in finances – Corbett delivers update in new video

Chief Financial Officer Joe Corbett discusses the Postal Service’s year-end financial report in his latest “Dollars and Change” video. USPS recently reported $73.1 billion in operating revenue for fiscal year 2020 (Oct. 1, 2019-Sept. 30, 2020) and $82.2 billion in operating expenses, leaving the organization with a net loss of $9.2 billion. First-Class Mail and…

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PMG DeJoy’s remarks from Nov. 13, 2020 open session meeting of Board of Governors

“During the past year – and especially over the last several months – the women and men of the United States Postal Service have been actively engaged in supporting the nation in its electoral process. We took on the challenge of coordinating with thousands of election officials around the country about how to work with…

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USPS: Year-end finances reported – $9.2 billion net loss

The Postal Service has reported its financial results for fiscal year 2020 (Oct. 1, 2019-Sept. 30, 2020). Here are some highlights: • Revenue. Operating revenue was $73.1 billion, up 2.8 percent from the previous fiscal year, driven by a 25.3 percent increase in shipping and package revenue. First-Class Mail revenue fell 2.7 percent, while Marketing…

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USPS OIG Report: Financial Controls Policy for Retail Units

Background During fiscal year (FY) 2019, we issued 32 audit reports related to financial controls at Postal Service retail units. We identified inconsistencies with Postal Service policies for performing financial transactions. The purpose of this report is to bring attention to these issues and make recommendations for corrective action. Our objective was to assess current…

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USPS CFO reviews first-quarter financial results

Chief Financial Officer Joe Corbett reviews the Postal Service’s latest financial results in a “Dollars and Change” video released this week. During fiscal year 2020’s first quarter (Oct. 1-Dec. 31, 2019), USPS recorded total revenue of $19.4 billion and total operating expenses of $20.1 billion, leaving the organization with a net loss of $748 million….

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USPS OIG Shutdown Plan – FY 2020

Brief summary of significant agency activities that will continue during a lapse: The United States Postal Service does not cease operations during any Federal lapse in appropriations as it is funded through a permanent no-year appropriation. In contrast, the U.S. Postal Service Office of Inspector General (OIG) receives an annual appropriation which is derived from…

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